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Presumptive taxation scheme allows the taxpayers declare their taxable income in a prescribed level regardless of precise revenue/gains and consequently relieves them within the load of keeping typical publications of account and receiving the identical audited.

What exactly is presumptive taxation? A presumptive taxation is actually a program where a government assumes a specific proportion of the turnover/gross receipts as your taxable earnings regardless of the expenses incurred.

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Overall advance tax could be paid by past installment of advance tax i.e., 15 March of the yr, in the event of failure to do so, desire is leviable @ 1% on shortfall According to Part 234C

In the above circumstance, Mr Ram can opt for presumptive taxation Should the tax is paid on 50% of gross receipts. For this reason, Ram can decide to spend tax underneath the presumptive plan of taxation below section 44ADA. 

Indeed. If you owe greater than INR 10,000 in taxes for your fiscal 12 months, It's important to pay out advance tax. In place of producing 4 payments in usual situation, you will need to fork out advance tax on or in advance of March 15th When you have chosen a presumptive taxation method under segment 44AD or 44ADA.

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Penned down value of property is often computed as though depreciation is and it has normally been claimed on the assets

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Section 44ADA –  Frequent publications of accounts are to be maintained and get them audited if profits exceeds basic exemption limit.

Partnership corporations (Notice that minimal liability partnerships are usually not qualified to go for Area 44ADA)